TransUnion Philippines (TransUnion) launched recently its new credit scoring solution to ensure that Filipino adults get improved scores and facilitate approvals of their credits.
According to TransUnion, an information and insights company, CreditVision Link adds another layer of assessment by utilizing alternative data sources like telco (mobile phone) data, including reloads, payments, mobile data usage, and device data. With this technology, lenders can expand their reach by accurately scoring even consumers with little to no formal credit data.
This enables faster and easier processing of applications, helping to optimize acquisition strategies by gaining a more holistic view of new-to-credit (NTC) consumers.
“TransUnion’s commitment to financial inclusion in the Philippines is central to everything we do. We are focused on providing financial institutions with solutions that will enable them to support even more Filipino consumers. Through access to rich insights, lenders can increase acquisition volumes and better protect against fraud, all within their own defined risk appetites,” said Pia Arellano, President and CEO of TransUnion Philippines.
“CreditVision Link is the result of our continuously expanding database, which includes alternative scoring partners and traditional credit bureau data to accurately represent even unbanked Filipinos, who comprise a majority of the population. This solution benefits consumers and businesses alike and has the potential to build greater economic momentum in our country,” she added.